Cayce audit shows clean opinion for fiscal 2024; unassigned general fund about $8.17 million

Grant Davis, a partner at Malden & Jenkins CPA, told the Cayce City Council on Jan. 15 that the firm issued an unmodified ("clean") opinion on the city's Comprehensive Annual Financial Report for the fiscal year ended June 30, 2024.

Davis said the audit produced three reports: the independent auditors' report (clean opinion), a Yellow Book internal controls and compliance report, and a compliance report tied to the city's federal expenditures. He said the compliance report covered the city's coronavirus state and local fiscal recovery funds spending and also received a clean opinion.

"We've issued an unmodified report or what we would otherwise call a clean opinion. So good news right off the bat relative to that," Davis said. He also said, "I'm happy to say we did not note any instances of non compliance or internal control deficiencies to report." The auditor added that there were no disagreements with management and no significant difficulties encountered during the audit.

Davis highlighted key financial figures from the report: a total general fund balance of roughly $11.3 million, an unassigned portion of about $8.17 million, revenues of approximately $17.3 million and expenditures of about $18.7 million. He noted the general fund increased by about $787,000 from 2023 to 2024 and estimated the city's general fund spending averaged near $1.6 million per month.

The report also included required communications under Government Auditing Standards and an auditors' discussion and analysis document that summarizes accounting changes and upcoming standards. Davis offered to meet individually with council members to review details of the audit.

The council did not take formal action on the report during the Jan. 15 meeting; the presentation was informational.